Bullion Purchase Terms

1.1These Bullion Purchase Terms apply to every purchase of physical bullion by you from Liquid Gold Exchange Pty Ltd ACN 695 941 587 (LGX, we, us, our) for collection or delivery. They do not apply to the ZLF Gold Reserve or to bullion fabricated under it.

1.2These Terms form part of the LGX Terms and must be read with our Client Terms. Words defined in the Client Terms have the same meaning here.

1.3Collection, delivery, risk, transit insurance and uncollected bullion are governed by our Collection & Delivery Terms, which prevail over these Terms on those matters.

1.4Each Order is a separate contract. Order means your request to buy bullion from us, however placed, including a purchase request on the Platform.

2.1Minimum Order. The minimum Order is 1,000g of bullion in aggregate, unless we agree otherwise.

2.2We sell as principal. We may source bullion from any refiner, mint, wholesaler or other supplier we choose. You have no contract with any of them. We will not supply a product (brand, form or weight) different from that in your Order Confirmation without your agreement.

2.3Availability. Orders are subject to availability. Any availability or ready date we give is an estimate.

2.4Price Fixing. Prices are quoted and fixed under section 12 of the Client Terms. You can fix a price only after the payment required by section 3.1 has been received in Cleared Funds. Your Order becomes binding at Price Fixing.

3.1Payment before Price Fixing. Before you can fix a price, you must pay in Cleared Funds: (a) for an Order of A$2,000,000 or less (or its equivalent in USD, SGD or HKD), a deposit of 20% of the Order value; or (b) for an Order over A$2,000,000, 100% of the Order value. The threshold is tested on the live Order value when you lock the price, converted at the exchange rate we reasonably determine at that time.

3.2Clearing period. The deposit or full payment must be received in Cleared Funds within 3 Business Days after you submit your purchase request. If it is not, we may close the purchase request.

3.3Deposits before Price Fixing. A deposit received before Price Fixing is held against the purchase request for which it was paid. It is not a general account balance, earns no interest and cannot be transferred or used for any other purpose. You may withdraw your purchase request at any time before Price Fixing. If you withdraw it, or we close it, we will refund the deposit within 2 Business Days after the withdrawal or closure.

3.4Price changes before locking. If the price has risen since you paid, the Platform will show any top-up required before you can lock, including a top-up to 100% if the Order value exceeds A$2,000,000. If it has fallen, the excess is applied to the balance. If you have paid more than the full locked Order value, we will refund the excess within 2 Business Days after Price Fixing.

3.5Higher payment. We may require a higher deposit, full prepayment or a shorter payment deadline for a particular Order (for example, because of market volatility, order size or supplier requirements) by telling you before Price Fixing.

3.6Balance. You must pay the balance, and any delivery charges stated in your Order Confirmation, by same-day transfer and send us proof of payment (for international payments, the SWIFT MT103 or tracking reference) by 5:30pm (Melbourne time) on the next Business Day after Price Fixing. The balance must be received in Cleared Funds within 3 Business Days after the date of your Order Confirmation, unless we agree otherwise. Time is of the essence for these deadlines.

3.7Currency. You must pay in the currency of your quote, from a bank account in your name (Client Terms section 6.1).

3.8GST. Our supply of gold that is “precious metal” under the A New Tax System (Goods and Services Tax) Act 1999 (Cth) (gold of at least 99.5% fineness in an investment form) is input taxed, so no GST is included in the price. GST applies to our fees, delivery and other services where required by law. Duties and taxes imposed outside Australia are your responsibility.

4.1Paying a deposit does not give you ownership. Ownership passes to you when we have received the full amount for your Order in Cleared Funds and specific bullion has been allocated to your Order. Until then we may withhold allocation, collection and delivery.

4.2Risk passes to you as set out in the Collection & Delivery Terms.

5.1After Price Fixing your Order cannot be cancelled, and bullion cannot be returned for change of mind, subject to your mandatory rights (Client Terms section 11.1).

5.2Selling bullion back to us is not part of your purchase. We do not currently offer to buy back bullion bought under these Terms.

6.1You are in default if, after Price Fixing, you do not pay an amount when due, a payment is dishonoured, reversed or charged back, you tell us you will not complete the Order, or you materially breach the LGX Terms in connection with the Order.

6.2If you default, we may cancel the Order. We may then apply your deposit and any other payments towards our loss (measured against our buyback price for the bullion at the time of cancellation) and the costs we incur because of your default. You must pay us any shortfall on demand. We will refund any amount remaining.

6.3Our buyback price for this purpose is the price at which we would buy that product in the ordinary course of our business (including in wholesale dealings) at the time of cancellation. We will give you a statement showing the time of cancellation, the buyback price used, the costs applied and the amount refunded or owing.